The South African Revenue Service has made it more difficult for taxpayers to get approval on crypto arbitrage trades using their R10-million/year foreign investment allowance.
Browsing: Farzam Ehsani
South Africa’s three largest cryptocurrency exchanges say they have been approached by the South African Revenue Service as part of a tax risk assessment exercise on residents.
Crypto exchange iCE3 said it had been “advised to initiate liquidation proceedings” after suspending all trading on the exchange in March following the discovery of account discrepancies.
A Financial Sector Conduct Authority health warning on cryptos comes amid a flood of complaints from investors who lost money or were scammed, says head of enforcement at the regulatory body, Brandon Topham.
It’s certainly not at the same scale as a Tesla or a MicroStrategy, but some privately held South African firms have started converting a portion of their cash holdings into cryptocurrencies like bitcoin.
It’s been a long time coming, but it looks like the sheriff has finally arrived to the Wild West that is the crypto market in South Africa.
VALR.com has raised R57-million to help fund further expansion, with proceeds from the capital raise to be used to explore new products for the South African market.
First National Bank provided more insight on Wednesday into why it has given notice to cryptocurrency trading platforms in South Africa that it will shut their bank accounts.
VALR.com will offer ether-rand trading from next week as the cryptocurrency exchange, backed by former FNB CEO Michael Jordaan, ramps up its efforts to tackle Naspers-backed market leader Luno.
VALR.com co-founder and CEO Farzam Ehsani returns to the show for a wide-ranging discussion on bitcoin and cryptocurrencies.